Agronomics Limited Investment in LegenDairy Foods GmbH (1872X)
18 December 2019 - 6:00PM
UK Regulatory
TIDMANIC
RNS Number : 1872X
Agronomics Limited
18 December 2019
18 December 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ('MAR). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
("Agronomics" or the "Company")
Agronomics Co-lead of EUR4 Million Seed Fundraising Round of
LegenDairy Foods GmbH
The Board of Agronomics is pleased to announce it has completed
a subscription of EUR1,000,000 for 2,389 Series Seed Preferred
Shares (the "Subscription") in LegenDairy Foods GmbH
("LegenDairy"). This will be paid using cash from the Company's own
resources. Agronomics will hold a 6.3% interest and has appointed a
director representative.
Agronomics co-led the EUR4 million Seed fundraising round of
LegenDairy alongside M Ventures, the corporate venture capital arm
of science and technology company Merck. CPT Capital also
participated in the round. CPT Capital are a long-standing investor
in alternative protein technologies, and their portfolio includes
Beyond Meat, Impossible Foods, Memphis Meats, Perfect Day and Good
Catch.
LegenDairy is a German company focused on harvesting real dairy
proteins, using the same fermentation process used for producing
insulin and rennet for cheese, to produce dairy products once
combined with plant-based fats. LegenDairy was co-founded by
Raffael Wohlensinger and Dr Britta Winterberg, with the intention
to produce genuine dairy products, without cholesterol and without
the need of animals, alleviating animal welfare concerns and
providing a simplified supply chain to produce dairy products. The
team is focusing on cheese products initially, recognising that
existing vegan cheese on the market lacks the identical proteins
found in dairy cheeses - casein and whey protein.
As the Subscription is considered a Substantial Transaction
under AIM rules, this announcement requires certain disclosures
under Schedule Four of the AIM Rules. LegenDairy is an early stage,
pre-revenue company with a historic cash burn rate of approximately
EUR16,000 per month and net assets as at 30 September 2019 of
approximately EUR132,578.
Commenting on the investment, Richard Reed, Chairman of
Agronomics, said: -
"In the next decade, we expect there will be a seismic shift in
the methods used for protein production. This will be supported by
the recognition that industrial scale dairy farming is energy
inefficient and a concern for animal welfare, especially
considering the constant impregnation of dairy cows to produce
milk. Legendairy is at the forefront of this wave, and we are
thrilled to be a part of their journey to provide delicious cheeses
without the necessity of raising animals."
Raffael Wohlgensinger, Co-founder and CEO of LegenDairy, also
commented: -
"The food industry has crossed an inflection point - for the
first time in human history, we are capable of producing real dairy
products without the need of breeding and raising animals. We are
delighted to team up with Agronomics and other leading investors in
the alternative protein field to fully leverage our core technology
and bring our delicious, animal-free cheese to market in the coming
years."
About LegenDairy Foods
LegenDairy Foods is a German food biotech company on a mission
to shape a more sustainable food system to feed the future of our
planet. The startup is Europe's first cellular agriculture company
developing "clean dairy" products - that is dairy based on real
milk proteins produced without animals. The integration of
plant-based ingredients and real milk compounds produced through
fermentation allows LegenDairy Foods to combine the best of two
worlds and manufacture functional and nutritious dairy - no animals
involved.
About Agronomics
Agronomics is an AIM-listed investment company focused on the
nascent field of cellular agriculture and synthetic biology, with
an emphasis on environmentally friendly alternatives to the
traditional production of animal-derived products. The Company was
launched in April 2019, with the appointment of a highly
experienced team of investors and entrepreneurs including Richard
Reed, Jim Mellon and David Giampaolo.
Agronomics believes that the recent developments within cellular
agriculture and the alternative protein space will play a major
role in feeding the world's growing population as it approaches 10
billion people by 2050. The production of animal protein via novel
approaches is a viable solution to minimise global greenhouse gas
emissions, water, energy and land requirements as well as
alleviating animal welfare concerns.
For further information, please contact: -
Agronomics Limited Beaumont Zeus Capital Peterhouse Britton Financial
Cornish Limited Capital Limited PR
Limited
The Company Nomad Joint Broker Joint Broker Investor Relations
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Denham Eke Roland Cornish/James Mike Seabrook Lucy Williams Tim Blackstone
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+44 (0) 829 5000 469 0936 140416
207 628 Jamie Peel
3396 +44 (0) 161
393 1976
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